Simple Steps to Learn Currency Exchange
If you want to learn currency exchange then you need to get the right forex education and ignore a lot of so called accepted wisdoms. Keep in mind that 95% of all currency traders lose – so here are your tips for learning currency trading the right way.
1. Success Comes From Within
No one else can give you success – your all on your own and currency trading success is in your hands.
If you don’t like responsibility, then don’t trade currencies.
Even if you get your forex education from someone else, you need to understand in full the logic of their currency trading system and the way they generate their currency trading signals.
It is only from inner understanding that you will gain the two key traits to win with your forex trading strategy.
2. Confidence and Discipline
From understanding the logic of what you are doing you will have confidence in the method and have the discipline to stay with it, even through periods of losses.
If you don’t have confidence, you will be unable to execute your trading signals with discipline and remember – If you don’t have the discipline to follow your trading system, you don’t have one in the first place.
3. Keep It Simple
Many people believe the longer they spend on their forex education and the more complex they make their system, the better the chances of achieving currency trading success are – nothing could be further from the truth.
You don’t get paid for effort in forex trading, you get paid for being RIGHT and that’s it. Furthermore, complex systems tend to fail in real time trading, as they are not robust and have too many elements to break – so it is essential to keep it simple.
Simple systems as a general rule will always beat complicated ones.
4, Ignore commonly held Currency Myths
There are many of them and here are just a few:
1.Day trading forex is a good way to make money.
2.Predicting markets in advance is good way to make money.
3.Buy low sell high is great way to make money.
4.You can trade news stories and win.
If you believe any of the above then you will lose. The above 4 beliefs cause the bulk of forex traders to lose.
5. Work Smart NOT Hard
You can learn currency exchange and get a robust method together in about 2 weeks and you can then work just 30 minutes a day, on your computer and make great FX Profits.
Currency trading is all about learning the right knowledge to succeed not learning currency trading information for the sake of it.
6. This Equation will bring You Success
Robust Simple Method + Applied With Discipline = Forex Trading Success
Currency trading is essentially simple and your method is only half the equation the other half is of course applying it with discipline, so your emotions do not become involved.
If you understand the above work smart not hard and concentrate on inner understanding – then you will be able to learn currency exchange the right way.
What methods you should use? We will cover that in part 2 of this article.